Price trend
According to data from SunSirs, on March 12, the average price of oil-based ethylene glycol P was 5,533.33 RMB/ton, a decrease of 233.34 RMB/ton from the previous week, a drop of 4.05%.
On the afternoon of March 12, the market price of ethylene glycol in East China dropped. The average spot price in East China was 5,045 RMB/ton. According to market participants, the lowest spot price once reached 4950 RMB/ton, which was down 470 RMB/ton from Monday, a decrease of 8.52%.
Analysis review
As of March 18, the total ethylene glycol inventory of the main ports in East China was 597,300 tons, a decrease of 45,800 tons from last Thursday, a decrease of 7.12%, and an increase of 26,300 tons from this Monday, an increase of 4.61%. Zhangjiagang's daily shipment was around 4,700 tons, and Taicang's daily shipment was around 5,800 tons.
Port inventory is low. Zhangjiagang’s daily shipment was around 4,700 tons, and Taicang’s daily shipment was around 5,800 tons. The delivery situation was still poor. The downstream operation was stable, but the production and sales of chemical fiber were on a downward trend. The downstream market was light. Satellite Petrochemical’s 1.58 million tons of equipment is scheduled to be put into operation in early April, and the US South Asia’s 828,000 tons of ethylene glycol is scheduled to restart on the 11th. In particular, crude oil prices fell on the 19th, and the Sino-US trade negotiation process was not as expected. Spot merchants have insufficient confidence in the market, fundamental support has weakened, and market bearish factors have increased.
Market outlook
The bottoming market continues, and the market fluctuates at the bottom. It is necessary to pay attention to the influence of chemical fiber production and sales and macro factors on the market mentality.
